H&R Block Inc. (HRB) intrinsic value & 10-year financials
H&R Block Inc. (HRB) has a Graham intrinsic value of $92.79 per share. At $48.67 on Oct 17, 2026, the stock trades 48% below that value. Over the last 10 fiscal years revenue grew 2.4% a year to $3.8B, with an average return on invested capital of 91.6%.
- Graham intrinsic value
- $92.79
- Share price (Oct 17, 2026)
- $48.67
- Price vs Graham value
- 48% below
- Market cap
- $6.7B
- Revenue (FY2025)
- $3.8B
- Revenue growth (10-yr CAGR)
- 2.4%
- ROIC (10-yr avg)
- 91.6%
- Free cash flow (FY2025)
- $598.8M
HRB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.8B | $605.8M | $4.39 | $598.8M | — | 155.9% |
| FY2024 | $3.6B | $595.3M | $4.12 | $657.2M | — | 112.1% |
| FY2023 | $3.5B | $553.7M | $3.51 | $752.1M | — | 82.2% |
| FY2022 | $3.5B | $553.7M | $3.22 | $746.6M | — | 64.3% |
| FY2021 | $3.4B | $583.8M | $3.08 | $573.1M | — | 100.4% |
| FY2020 | $2.6B | -$7.5M | -$0.04 | $27.3M | — | -2.1% |
| FY2019 | $3.1B | $422.5M | $2.04 | $511.0M | — | 104.9% |
| FY2018 | $3.2B | $613.1M | $2.91 | $751.4M | — | 160.5% |
| FY2017 | $3.0B | $408.9M | $1.91 | $460.8M | — | 78.0% |
| FY2016 | $3.0B | $374.3M | $1.49 | $432.5M | — | 59.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
H&R BLOCK INC has demonstrated mature, steady growth, with revenue compounding at 2.4% annually over the past decade.
H&R BLOCK INC has earned high returns on invested capital, averaging 60.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, H&R BLOCK INC shows that management has aggressively returned capital to shareholders by retiring 45.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, H&R BLOCK INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $92.79 per share.